§ 4612.
(c)
Credit where crude oil returned to pipeline
Under regulations prescribed by the Secretary, if an operator of a United States refinery—
(1)
removes crude oil from a pipeline, and
(2)
returns a portion of such crude oil into a stream of other crude oil in the same pipeline,
(d)
Credit against portion of tax attributable to oil spill rate
There shall be allowed as a credit against so much of the tax imposed by section 4611 as is attributable to the Oil Spill Liability Trust Fund financing rate for any period an amount equal to the excess of—
(1)
the sum of—
(A)
the aggregate amounts paid by the taxpayer before January 1, 1987, into the Deepwater Port Liability Trust Fund and the Offshore Oil Pollution Compensation Fund, and
(B)
the interest accrued on such amounts before such date, over
(2)
the amount of such payments taken into account under this subsection for all prior periods.
The preceding sentence shall also apply to amounts paid by the taxpayer into the Trans-Alaska Pipeline Liability Fund to the extent of amounts transferred from such Fund into the Oil Spill Liability Trust Fund. For purposes of this subsection, all taxpayers which would be members of the same affiliated group (as defined in section 1504(a)) if section 1504(a)(2) were applied by substituting “100 percent” for “80 percent” shall be treated as 1 taxpayer.
(Added [Pub. L. 96–510, title II, § 211(a)], Dec. 11, 1980, [94 Stat. 2798]; amended [Pub. L. 99–499, title V, § 512(c)], Oct. 17, 1986, [100 Stat. 1761]; [Pub. L. 99–509, title VIII, § 8032(b)], Oct. 21, 1986, [100 Stat. 1957]; [Pub. L. 101–239, title VII, § 7505(c)], Dec. 19, 1989, [103 Stat. 2363]; [Pub. L. 101–380, title IX, § 9002], Aug. 18, 1990, [104 Stat. 574]; [Pub. L. 102–486, title XIX, § 1922(a)], Oct. 24, 1992, [106 Stat. 3028]; [Pub. L. 115–141, div. U, title IV, § 401(a)(223)], Mar. 23, 2018, [132 Stat. 1194].)